Chinese buyers drive Vancouver’s luxury housing market

Buyers from mainland China and a dwindling supply of high-end detached homes are driving Vancouver’s luxury real estate market, with has seen an 80-per-cent increase this year compared to 2014 in the number of sales over $3 million. The latest numbers from RE/MAX show that 532 single-family houses sold for at least $3 million between Jan. 1 and July 31, a period that also saw a 41-per-cent increase in sales of homes over $1 million.